Crude Oil Rises On Decline In US Crude Production

Crude oil futures closed higher in the domestic market on Friday as a weekly decline in U.S. crude production helped to temper pressure from a surprise weekly rise in U.S. supplies.OPEC and some non-OPEC countries last month agreed to extend production cuts totaling 1.8 million barrels a day until March in an effort to reduce global stocks to their five-year average.

At the MCX, crude oil futures for June 2017 contract closed at Rs 2963 per barrel, up by 0.61 per cent, after opening at Rs 2935, against a previous close of Rs 2945. It touched the intra-day high of Rs 2974.

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Suhani Verma

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